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As Navi Mumbai airport gears up for takeoff, realty to spread wings

Real estate near the Navi Mumbai International Airport (NMIA) is poised for substantial growth as developers believe the Navi Mumbai Airport Influence Notified Area (Naina), as well as enhanced connectivity to the region, would propel demand in the sector. The airport, worth $2.1 billion, is expected to be inaugurated in June.

Adani Realty is likely to launch a ₹10,000 crore, 1,000+ acre township near Navi Mumbai Airport, aiming to create a premium mixed-use urban hub over the next decade.

Naina, a well-planned city spanning 371 sq km, will be developed across 170 villages in Panvel, Pen and Uran in Raigad district. Once developed, it will be a hub for trade, technology and other industries, with around ₹14,000 crore allocated for infrastructure development in the region.

Upon completion this year, NMIA will connect Navi Mumbai globally, leading to an influx of visitors, talent migration, corporate establishments and trade setups. Industrial warehousing, e-commerce, residential, retail and commercial real estate will benefit from this growth, bolstered by favourable government policies and reforms, said Niranjan Hiranandani, chairman, Hiranandani group and Naredco.

Source: Business Standard